Civic Intelligence

Myagro Farms

990 • Fiscal year 2020 • EIN 45-5267449

Jul 01, 2019 to Jun 30, 2020 • Filed on May 10, 2021

130 7th Avenue 160New York, NY 10011

(503) 313-6371

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

36th percentile

0.14x

Higher debt load relative to assets than 36% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

50th percentile

0.35x

Higher debt load relative to revenue than 50% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

94th percentile

63%

Higher net margin than 94% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

27th percentile

$166,667

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

91st percentile

49%

Faster asset growth than 91% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

31st percentile

-5.3%

Faster revenue growth than 31% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Assets

Up

$27,316,484

Up $9,037,056 (+49%) from 2019

Net Assets

Up

$23,596,654

Up $6,807,566 (+41%) from 2019

Liabilities

Up

$3,719,830

Up $2,229,490 (+150%) from 2019

Revenue

Down

$10,745,753

Down $605,329 (-5.3%) from 2019

Expenses

Up

$3,938,077

Up $861,758 (+28%) from 2019

Net Income

Down

$6,807,676

Down $1,467,087 (-18%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2012: $253,667Liabilities 2012: $22,971Net Assets 2012: $230,6962012Assets 2013: $840,474Liabilities 2013: $17,914Net Assets 2013: $822,5602013Assets 2014: $438,889Liabilities 2014: $8,282Net Assets 2014: $430,6072014Assets 2015: $676,491Liabilities 2015: $192,435Net Assets 2015: $484,0562015Assets 2016: $999,252Liabilities 2016: $580,517Net Assets 2016: $418,7352016Assets 2017: $1,913,414Liabilities 2017: $862,343Net Assets 2017: $1,051,0712017Assets 2018: $3,546,653Liabilities 2018: $1,757,828Net Assets 2018: $1,788,8252018Assets 2019: $18,279,428Liabilities 2019: $1,490,340Net Assets 2019: $16,789,0882019Assets 2020: $27,316,484Liabilities 2020: $3,719,830Net Assets 2020: $23,596,6542020Assets 2021: $113,821,960Liabilities 2021: $3,591,700Net Assets 2021: $110,230,2602021Assets 2022: $122,019,426Liabilities 2022: $1,096,841Net Assets 2022: $120,922,5852022Assets 2023: $138,938,502Liabilities 2023: $4,462,117Net Assets 2023: $134,476,3852023Assets 2024: $36,710,767Liabilities 2024: $4,040,853Net Assets 2024: $32,669,9142024

Highlighted filing

2020

Assets$27,316,484
Liabilities$3,719,830
Net Assets$23,596,654

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0-$50MRevenue 2012: $396,747Expenses 2012: $166,051Net Income 2012: $230,6962012Revenue 2013: $1,361,651Expenses 2013: $769,787Net Income 2013: $591,8642013Revenue 2014: $499,976Expenses 2014: $686,934Net Income 2014: -$186,9582014Revenue 2015: $2,308,471Expenses 2015: $2,254,189Net Income 2015: $54,2822015Revenue 2016: $3,016,993Expenses 2016: $3,327,123Net Income 2016: -$310,1302016Revenue 2017: $5,934,669Expenses 2017: $5,326,494Net Income 2017: $608,1752017Revenue 2018: $9,340,725Expenses 2018: $8,565,446Net Income 2018: $775,2792018Revenue 2019: $11,351,082Expenses 2019: $3,076,319Net Income 2019: $8,274,7632019Revenue 2020: $10,745,753Expenses 2020: $3,938,077Net Income 2020: $6,807,6762020Revenue 2021: $79,352,581Expenses 2021: $2,352,766Net Income 2021: $76,999,8152021Revenue 2022: $19,430,121Expenses 2022: $8,717,701Net Income 2022: $10,712,4202022Revenue 2023: $22,574,181Expenses 2023: $9,020,869Net Income 2023: $13,553,3122023Revenue 2024: $6,037,141Expenses 2024: $28,351,139Net Income 2024: -$22,313,9982024

Highlighted filing

2020

Revenue$10,745,753
Expenses$3,938,077
Net Income$6,807,676
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 10, 2021
Return Version
2019v5.1
Gross Receipts
$10,745,753
Mission and Program Overview

Mission

To support small-scale indigent farmers in West Africa by assisting them to escape poverty

By using a mobile network layaway system to purchase agricultural inputs & provide technical training to help increase their harvests.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$5,172,337$3,304,210▼ $1,868,127
Accounts Receivable$825,000$2,926,136▲ $2,101,136
Prepaid Expenses and Deferred Charges$17,825$22,116▲ $4,291
Land, Buildings, and Equipment, Net$583$0▼ $583
Savings and Temporary Cash Investments$212$0▼ $212
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$18,279,428$27,316,484▲ $9,037,056
Other Assets Total$12,263,471$21,064,022▲ $8,800,551
Liabilities
Unsecured Notes Loans Payable$1,350,000$3,350,000▲ $2,000,000
Other Liabilities$0$209,000▲ $209,000
Accounts Payable and Accrued Expenses$140,340$160,830▲ $20,490
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,490,340$3,719,830▲ $2,229,490
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,615,503$22,621,027▲ $9,005,524
Net Assets With Donor Restrictions$3,173,585$975,627▼ $2,197,958
Total Net Assets Fund Balance$16,789,088$23,596,654▲ $6,807,566
Total Liabilities and Net Assets / Fund Balance$18,279,428$27,316,484▲ $9,037,056

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$19,545--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Anushka RatnayakeCEO & FounderFT$166,667$166,667
Siddhanta WiesnerChief Technology OfficerFT$150,000$150,000
Shon MorrisVP of People OperationsFT$144,491$144,491
Jane Choi - CFO THRU 520Chief Strategy Off. as of 5/20FT$137,399$137,399

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitten Roy PartnershipSales consultant4703 Westover Terrace, Knoxville, TN 37914$238,208
Revenue and Support

Revenue Composition

Contributions and Grants
$10,739,280
Program Service Revenue
$0
Investment Income
$6,473
Other Revenue
$0
All Other Contributions
$7,709,391
Change in Net Assets
$6,807,676
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,844,582
Other Expenses$1,093,495
Total Fundraising Expense$317,025
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,545,372$305,356$265,188$2,115,916
Fees for Services Other$421,273$0$0$421,273
Other Employee Benefits$277,967$17,575$16,717$312,259
Current Officers, Directors, Trustees, and Key Employees$250,255$49,449-$299,704
Travel$168,265$16,649$11,721$196,635
Information Technology$73,368$83,582$17,151$174,101
Payroll Taxes$103,886$6,569$6,248$116,703
Occupancy$61,909$20,865-$82,774
Interest$73,631--$73,631
Fees for Services Accounting$33,405$27,435-$60,840
Office Expenses$30,912$3,375-$34,287
Insurance$13,491$3,516-$17,007
Fees for Services Legal-$5,702-$5,702
Other Expenses$3,651$149-$3,800
Advertising$2,051--$2,051
Depreciation Depletion$-1,417--$-1,417
Total Functional Expenses$3,080,830$540,222$317,025$3,938,077
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Paycheck Protection Program Loan$209,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

FORM 990 WAS PREPARED BY A NATIONAL Recognized ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. DRAFT FORM 990 WAS REVIEWED BY MANAGEMENT AND THEN DISTRIBUTED TO ALL MEMBERS OF THE BOARD WITH THE OPPORTUNITY FOR THEM TO COMMENT OR MAKE INQUIRY BEFORE IT WAS FILED WITH THE INTERNAL REVENUE SERVICE.

FORM 990, PART VI, SECTION B, LINE 12C:

In connection with any actual/possible conflict of interest, an interested person/potential interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the propose transaction/arrangement.

FORM 990, PART VI, SECTION B, LINE 15A:

To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic review shall be conducted. One periodic review is as follows - whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. It is also the responsibility of the board to set the compensation of the executive director.

FORM 990, PART VI, SECTION C, LINE 19:

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Myagro Farms
EIN
45-5267449
In Care Of
% NEIL GOLDENBERG
Phone
5033136371
Address
130 7th Avenue 160, NEW YORK, NY 10011

Signing Officer

Name
Neil Goldenberg
Title
CFO
Phone
5033136371
Signed
2021-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anushka Ratnayake
Formed
2012
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
5
Employees
24
Volunteers
5

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, LINE 9:

Foreign currency translation loss.........$(110)

Form 990 Part IX Line 11G

Description:consultants total fees:419564

Form 990 Part IX Line 11G

Description:other professional fees total fees:1709

Financial Statement Notes

PART X, LINE 2:

Myagro farms ("the reporting organization") is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code. Accordingly, a provision for income taxes has not been made on the consolidated financial statements. It is also classified as "other than a private foundation". The reporting organization has no unrelated business income during the year, and, therefore, no provision for federal or state income taxes has been made in the accompanying consolidated financial statements. Additionally, the reporting organization has filed internal revenue service form 990 information returns, as required, and all other applicable returns in jurisdictions where so required. The reporting organization is subject to routine audits by a taxing authority. As of june 30, 2020, the reporting organization was not subject to any examination by a taxing authority.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO & FOUNDER
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chief Technology Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP of People Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHIEF STRATEGY OFF. AS OF 5/20
IRS990/Form990PartVIISectionAGrp/TitleTxt4chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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IRS990/MissionDesc0BY USING A MOBILE NETWORK LAYAWAY SYSTEM TO PURCHASE AGRICULTURAL INPUTS AND PROVIDE TECHNICAL TRAINING TO HELP INCREASE THEIR HARVESTS.
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IRS990/OtherExpensesGrp/Desc0PROGRAM REIMBURSEMENT
IRS990/OtherExpensesGrp/Desc1TAXES AND FEES
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IRS990/PrincipalOfficerNm0ANUSHKA RATNAYAKE
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IRS990/ProgSrvcAccomActy2Grp/Desc0MOBILE TECHNOLOGY DEVELOPMENT - AT THE OUTSET OF EACH AGRICULTURAL SEASON, PARTICIPATING FARMERS SIGN UP TO PURCHASE A PACKAGE OF SEEDS, FERTILIZER, TOOLS, AND TRAINING. PRICES AND CONTENTS OF THE PACKAGE ARE TAILORED TO THE LAND AREA AND CROP MIX THAT EACH FARMER INTENDS TO PLANT. OVER THE YEAR, FARMERS USE MOBILE LAYAWAY TO PAY FOR EACH PACKAGE LITTLE BY LITTLE. TO MAKE PAYMENTS, FARMERS BUY PREPAID SCRATCH CARDS AT A PAY POINT IN THEIR VILLAGE - SIMILAR TO PURCHASING PREPAID MOBILE MINUTES - OR CHOOSE TO PAY DIRECTLY THROUGH MOBILE MONEY. EACH PAYMENT ACCUMULATES IN A FARMERS MYAGRO ACCOUNT UNTIL THE FULL COST OF THE PACKAGE THEY HAVE SIGNED UP FOR IS COVERED. THE MOBILE LAYAWAY SYSTEM IS A REAL-TIME, TRANSPARENT, AND RELIABLE WAY FOR FARMERS TO INVEST IN THEIR FARM.
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IRS990/ProgSrvcAccomActy3Grp/Desc0AGRICULTURAL RESEARCH AND HARVEST EVALUATION PROGRAMS - MYAGRO FOCUSES ON DATA-DRIVEN SELF-REFLECTION AND ORGANIZATIONAL IMPROVEMENT TO DELIVER AS MUCH VALUE TO FARMERS AS POSSIBLE AND TO BETTER UNDERSTAND THE BROADER IMPACTS THAT ITS PROGRAMS ARE HAVING ON RURAL COMMUNITIES. THE TWO MOST IMPORTANT INDICATORS THAT MYAGRO MEASURES ARE "INCREASE IN HARVEST YIELD"INCREMENTAL NET INCOME EARNED". THE PROGRAM HAS RESULTED IN 50 - 100% INCREASES IN YIELDS, AND AN AVERAGE ANNUAL INCREASE IN FARMER INCOMES OF $178/FARMER ($0.40 PER DAY). FOR HOUSEHOLDS LIVING ON LESS THAN $2 PER DAY, THESE RESULTS HAVE TRANSFORMATIVE EFFECTS, ALLOWING THEM TO PROVIDE MORE FOOD FOR THEIR FAMILIES, COVER SCHOOL AND MEDICAL FEES, AND BETTER PLAN FOR THEIR FUTURE.
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